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Mortgages rise slowly in March
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SHANGHAI posted a slower rise in mortgages for the third month in March as home buying has cooled since October last year, the Shanghai headquarters of the People’s Bank of China said yesterday.
Banks extended 5.25 billion yuan (US$843 million) of home loans last month, down by 440 million yuan from February but up by 590 million from last March, the PBOC’s Shanghai headquarters said in a statement.
In the first quarter, new mortgages totaled 22.6 billion yuan, up 8.7 billion yuan from a year ago.
Over half of the new mortgages in the first quarter was granted in January when “banks tend to concentrate their credit at the start of the year,” the statement said.
Loans for property and land development rose in the first quarter to 22.84 billion yuan, up 7.17 billion yuan from a year earlier.
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